Determine the effective interest rate to the borrower.
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- Inc. offered a one-year loan to a customer client. The instrument is a discounted note with a nominal rate of 15%. Determine the effective interest rate to the borrower.Mama inc. offered a one-year loan to a customer client. The instrument is a discounted note with a nominal rate of 15%. Determine the effective interest rate to the borrower.A bank offered a 1-year loan to a commercial customer. The instrument is a discounted note with a nominal rate of 13%. What is the effective interest rate to the borrower? 13.20% 14.94% 12.00% 10.71% 13.64%
- AsapUse the ordinary interest method to compute the time (in days) for the loan. Round your answer up to the next highest day when necessary. Principal Rate (%) $7,700 10.4 Time days Interest $226Calculating the APR on simple interest and discount loans. Find the finance charges on a 6.5 percent, 18-month, single-payment loan when interest is computed using the simple interest method. Find the finance charges on the same loan when interest is computed using the discount method. Determine the APR in each case. Assume a loan ammount of $1000
- The loan below was paid in full before its due date. (a) Obtain the value of h from the annual percentage rate table. Then (b) use the actuarial method to find the amount of unearned interest, and (c) find the payoff amount. Regular Monthly Payment $414.84 APR 4.0% Remaining Number of Scheduled Payments after Payoff 18 Click the icon to view the annual percentage rate table. ... (a) h= $3.20 (b) The unearned interest is $ (Round to the nearest cent as needed.)Use the exact interest method (365 days) and the ordinary interest method (360 days) to compare the amount of interest for the following loan. Round your answers to the nearest cent. Principal Rate (%) Time (days) Exact Interest Ordinary Interest $ $136,000 7.30 64 1,741 1,765A loan of 15700 was charged a simple discount rate of 4.2%. If the proceeds received were 15463.72, find the amount of bank discount. Hence, find the discount period in days.
- A bank charges a simple discount at 11% interest rate on short term loans. Find the sum received by the borrower who request (i) GH¢900 for 90days, (ii) GH¢1500 from May 3 to October 15.Bull City Industries is considering issuing a $100,000, 7% note to a creditor on account.a. If the note is issued with a 45-day term, journalize the entries to record:1. the issuance of the note.2. the payment of the note at maturity.b. If the note is issued with a 90-day term, journalize the entries to record:1. the issuance of the note.2. the payment of the note at maturity.The loan below was paid in full before its due date. (a) Obtain the value of h from the annual percentage rate table. Then (b) use the actuarial method to find the amount of unearned interest, and (c) find the payoff amount. Regular Monthly Payment $445.22 Remaining Number of Scheduled Payments after Payoff 6 APR 11.0% Click the icon to view the annual percentage rate table. (a) h=$ (b) The unearned interest is $ (c) The payoff amount is $ (Round to the nearest cent as needed.) (Round to the nearest cent as needed.)